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President Obama made some tax cut legislation the law on December 17th, 2010. This legislation also amended GO Zone benefits.
To find out more, read about the “Tax Relief, Unemployment Insurance Re-authorization, and Job Creation Act” and focus on Section 765. Here, changes were made to the dates in the Bonus Depreciation Deduction which is applicable to GO Zone.
BEFORE THE ACT
The last extension of Go Zone benefits brought them through until the end of 2010, but only on refurbishing or constructing work that was finished by the end of 2009. In other words, in 2010, the only thing you could do to get GO Zone benefits on purchases made in 2010 was to buy a home which had all or most of its refurbishing completed in 2009. Towards the end of the year it became more difficult to find a property that met this IRS imposed regulation.
NOW
The new act extends the benefits through until December 31, 2011. To benefit by the GO Zone tax benefits, purchases must be made before this year ends.
WHAT CHANGED
President Obama did not just extend the building benefit for a one year term. Instead, the deadline for home construction and home improvement has also been pushed to Dec 31, 2011. This is so important for GO Zone investors because construction that begins this year is eligible for the complete IRS tax benefits.
CAN I HAVE AN EXAMPLE?
As expected, the money you save with the Go Zone tax cuts will vary from person to person depending on the circumstance and the number of Go Zone homes purchased. However, let us suppose that you are buying a new construction home—a brick home with 3 beds and 2 baths and 1500 sq ft. The home is in Ocean Springs, MS and it is a single family home for $157,000. For the purposes of this example, the land is valued at $27,000. The 50% Bonus Depreciation is calculated as:
Cost to Purchase: $157,000Cost of Land (subtract): $27,000Total Construction costs: $130,000Bonus Depreciation = $65,000In other words, with this one qualified purchase, you could deduct $65,000 from your tax liability for the year.For another example, let’s say an Ocean Springs, Mississippi single family home which is newly constructed is $160,000 and the cost of the land is $20,000. So, the improvement cost is $140,000. This means the 50% bonus depreciation results in $70,000 for that one purchase.
For more information contact our office at 228-875-4499. Your source for Gulf Coast Real estate. |
So You're Looking for Short Sales
You will likely come
across dozens of properties in foreclosure with little or no equity,
that is, the seller owes at close to or more than the property is
worth. In these situations, lenders are sometimes willing to accept
less than the full amount due, commonly referred to a “short pay” or
“short sale.”
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Pre Screened Deals ! |
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When you are buying a home, having current and accurate knowledge of homes are listed for is important. Our best buy service enables you to get priority access to the hottest new listings so you can beat out other buyers and negotiate to get the most home for the least amount of money.
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Last Updated ( Wednesday, 30 July 2008 )
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Searching For Your Next Investment in ?
Whether your are brand
new to the world of Ocean Springs Area Real Estate Investments or an avid Investor we can
get you well on your way to finding what you're looking
for!
We believe that giving you the information you need without all the
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you information on our services and get started in finding you the
Investment(s) you have been searching for! We KNOW where the best deals are!
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Last Updated ( Wednesday, 30 July 2008 )
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